Ia€™ll briefly review each step in turn: Understand Your Customer Develop a clear picture of your target customer using market research and analysis. Click here to get the 7-Step Marketing Toolkit, which will help you easily develop an effective marketing plan for 2016! Download our Marketing Strategy eBook - an easy 7-step marketing strategy program to drive business results. The other important component of a strategic plan is an environmental scan, which reveals potential threats of the company as well as strengths.

The other part of strategic planning is strategy implementation, which involves using the company resources to ensure that its objectives are achieved. A strategic plan includes having a mission statement that describes the vision of the company. Strategic formulation is another important part of planning strategically which seeks to enable the company to attain much needed profits and to be superior to its competitors. With the guidance if the vision the company states its objectives as part of strategic planning process.

The last part of strategic planning is evaluation since for a plan to be successful it has to be monitored.

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